What is and who has a fiduciary duty in a real estate transaction in Florida

What is and who has a fiduciary duty in a real estate transaction in Florida

Q.

What is and who has a fiduciary duty in a real estate transaction in Florida?

A.

A fiduciary duty is the highest standard of duty that one has to another. It’s basically founded on principles of trust and confidence — that one will do what’s best and for the benefit of the other person.

In a real estate context, it’s the agent who is working for you. For example, a single agent who is trying to sell your property (aka seller’s agent), or if you’re a buyer, a buyer’s agent.

However, when there’s a transition [or change] to what’s called a transactional agent, the duties then lessen.

[Legal source: Florida Statutes 475.278]